Current Affairs on Economy

India has overtaken to which country to become the third-largest steel producer in the world with a production of 14.56 million tonnes (MT) in first two months of the year?: United States

Explanation: India has been the fourth-largest steel producer for the past five years, behind China, Japan and the US. World Steel Association (WSA) showed that the country's production growth was the highest during the January-February period at 7.6 per cent as compared to the global average of just 0.6 per cent at 127.6 MT. Find detail of Steel production by top 3 nations in recent month:

• Production in China, which accounts for nearly half of the global steel production, fell during the period by 1.5 per cent. It produced 65 MT steel during the period.
• Japan, the second-largest producer, reported a total output of 17.4 MT, but production in the country fell 2.2 per cent
• The US, which was the third-largest steel producer since 2010, produced 13.52 MT.

Due to dry spell and scanty monsoon the Black tea business was severely affected and due to this the world’s top 2 nations who are largest exporters of tea have seen the rise in price. Which are these 2 nations?: India and Kenya

Explanation: The Indian Tea Association (ITA) express their concerns for the tea production as it is under stress for a second year in a row because of the prolonged dry spell in the main tea producing states of Assam and West Bengal. In 2014, India produced 1,185 million kg of tea, down 15 million kg from the previous year. Thus, for the last 2 years we are heavily dependent on Kenya for the supply. In Kenya, the biggest competitor of Indian tea, auction prices of tea are 24% higher than last year with leaves selling at an average price of $2.77-2.80 (Rs 166.2-168) per kg. According to Tea industry executives, prices may climb through May because even if rains predicted by the Kenya Meteorological Department arrive in April, they won't have an immediate impact on the crop.

Exports of dairy products from India are set to fall because of the decision was taken on 23 March 215 by the European Union to abolish its three-decade-old which system which will come in to affect from 1 April 2015?: Milk Quota System

Explanation: In year 1984, the Milk quota system was introduced by the EU to address the issue of overproduction thus according to the system, a member has to pay a levy if it exceeds its quota. The EU allocated milk production quotas to member-nations, which distributed it further among farmers. Thus with the decision of abolishing the quota system will lead to many lower-cost producers like Ireland and Poland will increase milk production and this can lead to a drop in global prices and therefore, increased availability of dairy items could also mean lower remuneration for dairy farmers in India. Prices of skimmed milk powder (SMP) fell to $2,700 (Rs 162,000) a tonne in the global market on March 17 from over $4,100 (Rs 246,000) in April 2014. Mirroring the trend, SMP prices in India have fallen to Rs 160-180 a kg at present from their 2014 peak of Rs 290.

Delhi government on 24 March 2015 given major relief to city traders by passing an amendment to which kind of Tax Act which will allow them to carry forward their credit for successive financial years.?: Value Added Tax (VAT) Act

Explanation: The proposal for the amendment in tax act was passed with a voice vote in the House. As per earlier provisions, a trader used to carry forward the excess tax credit during the same year only. The trader had to claim refund of such excess tax credit in his return for the last quarter of that year. The traders felt that this restriction curtailed their freedom to carry forward the excess tax paid. Since this amendment was carried out in September 2013, a number of traders used to refund during the last quarter of financial year 2013-2014.But with this amendment, it will allow traders to carry forward the excess tax credit to next year to adjust the output tax liability in the next tax period.

India's first ever Perishable Cargo Centre of Container Corporation of India (CONCOR) was launched on 24 March 2015 at what location?: Adarsh Nagar station near Azadpur Sabzi Mandi, Delhi

Explanation: The CONCOR Cargo Centre was inaugurated from Rail Bhawan through video conferencing at a function. The CONCOR Perishable Cargo Centre has been developed at a total cost of approx. Rs.10 crore. This facility will offer washing and cleaning for raw banana and ripening cum cold rooms for fruits like banana, mango at competitive rates.

Salient features of the facilities are:

Ripening Chambers

• 12 Nos. of ripening chambers, each having capacity of 20 MT.
• Size of each chamber is approx. 220 cubic meters.
• Temperature of ripening chamber is 15+ 1.5 Deg. Celsius.
• Pallet racking arrangements for keeping of 32 pallets in each ripening chamber.

Cold Rooms

• 2 Nos. of cold rooms having 100 MT capacity each room.
• Size of each room is approx. 745 cubic meters.
• Storage in cold room at two levels viz., ground and mezzanine.
• Cold room temperature: 0+ 1.5 Deg. Celsius.
• Sufficient space earmarked for parking/movement of trucks.

On 25 March 2015, who was appointed as the Chairman of the Empowered Committee of State Finance Ministers on Goods and Services Tax (GST)?: Kerala Finance Minister K M Mani

Explanation: The GST, an indirect tax regime, is to be rolled out from April 2016. K M Mani was appointed after when the Empowered Committee Chairman's post fell vacant when Abdul Rahim Rather, the former finance minister of Jammu & Kashmir, quit following the defeat of National Conference in state elections held in December 2014. The Union Cabinet had approved compensation to states for their revenue loss due to phasing out of Central Sales Tax (CST). In current fiscal, Rs 11,000 crore would be given and the remaining amount in the subsequent two financial years.

Clearing the decks for port development and water transport, cabinet on 25 March 2015 approved inclusion of 101 inland waterways to the national waterways network and gave in-principle nod to which Project?: Sagarmala project

Explanation: In the past 30 years, only five waterways have been declared as National Waterways and besides the cabinet approved SPV funded by the 12 major ports (with 90% equity) and the Rail Vikas Nigam Limited would have an initial authorized capital of Rs 500 crore. Therefore, for a vision to utilize the vast waterways network of the country to build a fuel-efficient and cost-saving mode of transportation and build an intermodal logistic supply chain, Government of India thus approved the 101 inland waterways to connect to national waterways. The development of waterways for navigation will also decongest rail and road network. Along with this approval cabinet on 26 March also approved the setting up of a “Special purpose vehicle” to provide efficient rail evacuation systems to major ports to enhance their handling capacity and efficiency. Sagarmala committee will be headed by the chief minister or minister-in-charge of ports with members from relevant departments and agencies.

The World Bank on 26 March 2015 has sanctioned 100 crore rupees for all round development of which Island in South 24 Parganas District of West Bengal?: Sagar Island

Explanation:  With the 100 Crores now it is possible to uplift the face of the island and started the development of the Sagar Island. World Bank has also come forward with a financial assistance of 36 crore rupees for the development of Kapilmuni Temple area. Therefore, under the project Kapil Complex at the Nat mandir will be developed and beautification of surrounding along with setting up a Bus Stand, mobile stalls, toilets, cottage for tourists and improvement of drainage system in the area will be done.